Buried Oil Tanks on Metro Vancouver Lots: The Search, the Cost, and Who Pays
Homes built before the 1960s were often heated with oil, and when gas arrived many of those buried tanks were left in the ground. A tank scan takes about an hour on a detached lot. The owner on title when the contamination is found is the one who pays to clean it up.
Michael Lee · 8 min read
The Property Disclosure Statement: What a Seller Must Say, and What a Buyer Should Do With It
No law in BC forces a seller to fill out a Property Disclosure Statement, and almost every represented seller does. The form asks what you know, and the line that decides most disputes is whether a problem was hidden or visible.
Michael Lee · 8 min read
Rent-to-Own and Vendor Take-Back Mortgages in BC: How They Work, and Where Buyers Get Hurt
Rent-to-own gives you a lease plus the right to buy later, and the option fee you pay for that right is usually gone if the purchase does not close. A vendor take-back has the seller lending you part of the price, sitting behind your bank in second position. Both are legal in BC, and both need a lawyer before you sign.
Michael Lee · 9 min read
Home Insurance Before Completion: The Step Buyers Forget Until the Last Week
Your lender will not release the mortgage money until it has proof of fire insurance naming it as loss payee. That proof is usually wanted several days before completion, not on the day. Start the insurance conversation the week your subjects are removed.
Michael Lee · 8 min read
Leasehold Property in Metro Vancouver: What You Own and Why the Remaining Term Decides Everything
A leasehold buyer purchases the right to occupy a home for a fixed number of years, while a public landlord keeps the land. The remaining years on that lease drive both the price and whether a lender will fund the purchase. Check the expiry date on title before anything else.
Michael Lee · 8 min read
How to Read a BC Title Search, and What Every Charge on It Means
A BC title search fits on one or two pages and tells you who owns the property, what the parcel is, and every registered interest somebody else holds in it. Some of those interests disappear on completion. Others belong to you for as long as you own the place.
Michael Lee · 9 min read
Strata Bylaws in BC: What They Can Restrict, and What They Cannot
Since November 24, 2022, no strata corporation in BC can stop you from renting your unit to a long-term tenant. Pet bans, smoking bans and renovation approvals are still enforceable. Read the registered bylaws before you remove your subjects, because the version on the building's website may be out of date.
Michael Lee · 8 min read
Closing Costs in BC: Everything You Pay Beyond the Down Payment
Lenders want to see 1.5% of the purchase price set aside for closing costs before they will approve an insured mortgage. That money covers property transfer tax, legal fees, title insurance, registration at the land title office, and the adjustments your notary calculates on completion day.
Michael Lee · 8 min read
Buying a Tenanted Home in BC: The Three Month Notice and What It Means for Your Move-In Date
If you are buying a home with a tenant in it and you intend to live there, the seller gives the tenant a three month notice, the tenant gets one month's rent as compensation, and the tenant has 21 days to dispute it. Your possession date depends on all three.
Michael Lee · 8 min read
The BC New Home Warranty: What 2-5-10 Coverage Means
Licensed BC builders must carry 2-5-10 home warranty insurance, but the three windows cover different things and none of them cover everything. Here's what's actually protected and excluded.
Michael Lee · 7 min read
Assignment Clauses Explained: Can You Sell a Presale Before Closing?
Selling a presale contract before closing runs through a developer consent fee, CSAIR reporting, and its own GST/HST and BC home flipping tax rules. Here's what assignors and assignees actually take on.
Michael Lee · 8 min read
How Presale Deposit Schedules Work in BC
Presale deposits in BC are legally required to sit in trust, separate from the developer's own money, but the schedule, size, and what happens if a project doesn't complete are all things buyers should understand before signing.
Michael Lee · 6 min read
The BC Home Inspection Checklist: What to Actually Look For
A home inspection is your best chance to catch a costly problem before you're locked into a purchase. Here's what a licensed BC inspector actually checks, how to confirm they're licensed, and what to do if they find something serious.
Michael Lee · 6 min read
How to Read a Strata Depreciation Report Before You Buy a Condo
A depreciation report is a planning document. Check its assumptions and the current strata records before relying on it in a purchase decision.
Michael Lee · 10 min read
What 'Subject-Free' Actually Means When You're Buying a Home
Before considering an offer without subjects, discuss the unresolved financing, inspection, document, and contract questions with the appropriate professionals.
Michael Lee · 9 min read